Savills IM acquires logistics complex in Germany for pan-European logistics fund
Savills Investment Management (Savills IM) has acquired a newly constructed logistics complex in Verden, Lower Saxony, Germany, for its European Logistics Fund 3 (ELF 3).
The seller of the property is Panattoni, one of the world’s leading project developers for industrial and logistics real estate. The ELF 3 portfolio now comprises 16 properties in six countries.
The logistics complex offers a total of about 67,000 square meters (721,182 square feet) of lettable space, which is divided between warehousing (59,000 square meters/635,071square feet), offices (3,700 square meters/39,826 square feet) and mezzanine spaces (4,000 square meters/43,056 square feet). It is fully let on a long-term basis to BLG Handelslogistik GmbH & Co. KG.
The new building, which was completed in 2021, meets class A criteria for a modern logistics property. The building is divided into two parts and has access from three sides, offering maximum flexibility. The building also has a